A contract is generally a written or spoken agreement between persons or entities that includes obligations for each party (mutual obligations or mutuality) and enough specific information to be enforceable by either party (specificity).

The elements of forming an enforceable contract are generally (1) an offer made; (2) acceptance of the offer; and (3) consideration given by each party for the other party’s performance of the agreement—such as money in exchange for products or services, or mutual promises exchanged—which is often referred to as the bargained-for exchange.

The word "agreement" is often used interchangeably with the word "contract," and a document labeled as an agreement (with the necessary legal elements included) is as enforceable as a document labeled as a contract.

In Oklahoma, as in other states, a contract is a legally binding agreement between parties that can be written or oral. The essential elements required to form an enforceable contract in Oklahoma include an offer, acceptance of that offer, and consideration, which is something of value exchanged between the parties. This consideration must represent a bargained-for exchange, meaning each party must provide something of value in return for what they receive. Specificity is also important; the terms of the contract must be clear enough to be enforceable. While the terms 'agreement' and 'contract' can be used interchangeably, for a document to be enforceable as a contract, it must contain these necessary legal elements. If these elements are present, the document, whether labeled as an 'agreement' or a 'contract,' can be enforced by the courts in Oklahoma.